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Bitcoin (BTC) is up 8.06% in the past 24 hours to trade at $ 37,359 during transactions, according to CoinMarketCap. The major cryptocurrency recently experienced a market crash, pushing its price from highs of $ 64.8k to lows of $ 30k.
Market analyst Lark Davis believed that Bitcoin could be more volatile at the end of the week as a formatting of a triangle pattern, which implies that the price moves into an increasingly tight range as time passes and provides a sample. visual of a battle between bears and bulls.
He explained:
“Bitcoin forms a tasty little triangle on a daily basis. Expect volatility for the weekend. “
A recent poll by Dilution-proof indicated that respondents were very optimistic about Bitcoin’s prospects for the coming year. The crypto data provider noted:
“Poll results pretty clear: Respondents have mostly neutral to slightly bullish Bitcoin market sentiment on a weekly to monthly time frame, but clearly remain (very) optimistic about their outlook for next year.”
Many buyers bought at $ 35k
According to online analyst William Clemente III, many buyers at $ 35k could have driven the price of Bitcoin higher.
This area also served as a notable resistance, explained by market analyst CryptoHamster.
“Bitcoin is breaking resistance now. Fingers crossed that this is a real breakout. “
Clemente recently revealed that the price of BTC is likely to continue to rise in the long term because 76.7% of Bitcoin was either illiquid or in good hands. Also, BTC addresses with 100 to 10,000 coins racked up almost 30k more BTC last week.
Strong hands refer to investors who buy Bitcoin for retention purposes rather than speculation purposes.
So it remains to be seen whether the breakout above $ 35,000 is true or false because if it is the latter, a drop below this level will be inevitable.
Image Source: Shutterstock
